UK Branded Europe’s “Capital of Card Fraud”

guest · Aug 6, 2022

August 5, 2022

UK consumers are more likely to be hit by card fraud and suffer higher losses than their European counterparts, according to new data shared by the Social Market Foundation (SMF).

The London-based think tank analyzed data from the European Central Bank to reveal that in the UK, the rate of fraud is 134 cases per 1000 people, or around 13%. That’s far higher than second placed France (115) and Spain (37) in third.
Worse still, the cost of fraud per 1000 people is £8833 in the UK, versus only £6069 in France and £2377 in Spain.
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Although the figures come from 2019, the trends are unlikely to have shifted much since.
A report last year claimed that e-commerce fraud in the UK rose by 179% from 2010 to 2020, with an estimated £8909 lost per 1000 victims.

The issue was highlighted in a report from the highly respected Royal United Services Institute (RUSI) think tank last year, which branded fraud a serious threat to the UK’s national security and called for a “major systemic shift” in government strategy.

“Britain’s shocking record on card fraud compared to major European economies is yet another reminder of how UK law enforcement has failed to keep up with the epidemic. Policymakers need to reflect further on why we’re at this stage,” argued SMF senior researcher, Richard Hyde.
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UK Branded Europe’s “Capital of Card Fraud”

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